Keep rewards black card or cut the card...?

[johnny_yh2000]

Hi Guys I need some advices here whether to keep the reward black card. Im after points for SQ or VA (so I can transfer back to SQ)

I called the ANZ card closure team about possibility of waiving or reducing my annual fee for my rewards black next year, as im approaching to pay my annual fee for another year.

The person I spoke to said she will have to talked her superior. After mins of wait, she came back and tell me this is not possible. As the card is undergoing restructuring, so they cant offer anything to existing members?! All the current promotions can only apply to new customers. She then told me the fee should be lower since they are undergoing some restructuring...?! Oh then she realised that only applies to the plat card but not the black...
I even told them the Westpac Black card offers better points earn rate on their master card. Also, 1st year annual fee free is waived for existing westpac customers. All she said is they cant do anything about it.

I signed on because of the good earn rate for VA (then transfer to SQ), yet even not as good as Westpac Black. But ANZ one does have unlimited lounge use in most destination I go. Also the ANZ black could get points from ATO. So I was happy to pay the 375 annual fee (when I signed on they only have 50,000 points bonus, still has to pay the annual fee). Now with the cut of earn rate on visa, (dont really care about Amex thou, as I have Amex VA Plat and Amex Plat Edge ), and I have paid off my hecs with my black. Does the 375 annual fee still worth it? I will be moving location to brisbane next year so I can use my Star Alliance Gold when I travel with Star Alliance airlines. Unlimited lounge use just doesn't weight much anymore. Only one thing I can think that still good to me is the travel insurance. Only need to charge $250 and hold a return ticket to get the travel insurance. Westpac wise you need to charge $500 to get travel insurance. IF i was you will you keep the card or cut your card and bring your business elsewhere.

Thank you for your opinion

 

[lovetravellingoz]

Scissors time....after transferring any earnt points.

 

[johnny_yh2000]

Scissors time....after transferring any earnt points.

The person I spoke to said you do have 60 days to move your points after you closed your account.

 

[BAM1748]

Of course they can offer anything to existing members.

Cut it and move on, it's a bank, don't feel bad.

 

[travelislife]

Cut it up. I churn my cards every 12 months max. They never offer the points to existing customers only new. So you want to be eligible for the next bonus they bring out in a couple of years time!

 

[johnny_yh2000]

Cut it up. I churn my cards every 12 months max. They never offer the points to existing customers only new. So you want to be eligible for the next bonus they bring out in a couple of years time!

will cutting a credit card has any impact to credit score?

 

[travelislife]

Not sure. I cancel and apply for probably 2-3 cards on average each year for the past 5 years and no issues. Have a mortgage as well. But everyone's own situation is different.

 

[theblank]

Plenty of Credit cards have free travel insurance, you dont have to pay $375 to get it. If the Free lounge passes are not worth $375pa then there are better and cheaper options out there.
Consider any of the NAB cards at $95pa or the AMEX for $195pa, you get that back with a free VA flight every year.
There may be better, but I dont know.

 

[andye]

will cutting a credit card has any impact to credit score?

Cutting shouldnt affect score though the application for the replacement will

Ive not seen good evidence that longevity of credit is a factor in Australia (though apparently is in US)

With comprehensive reporting coming in, it might improve creditworthiness (if not score per se) as you would have a lower total credit availability

 

[johnny_yh2000]

Plenty of Credit cards have free travel insurance, you dont have to pay $375 to get it. If the Free lounge passes are not worth $375pa then there are better and cheaper options out there.
Consider any of the NAB cards at $95pa or the AMEX for $195pa, you get that back with a free VA flight every year.
There may be better, but I dont know.

yeah but with Amex's travel insurance is annoying. You have to use CC to buy a return flight ticket in order to activate your travel insurance. Amex still has good earn rate and with the return flights that definitely justifies the annual fees. ANZ wise, I just really dont see it worth the high annual fee. if they offered me even half the usual annual fee I would be happy to pay it and keep the ANZ black.

I do have NAB V Plat too. if I didnt end up getting Westpac Black, I will have to grab this card out from dust and start using it a bit more often. Because Westpac only offers no annual fee for 1st year but no sign on bonus. I would rather get a big sign on bonus and pay the annual fee.

 

[theblank]

yeah but with Amex's travel insurance is annoying. You have to use CC to buy a return flight ticket in order to activate your travel insurance.

whats annoying about buying a ticket with a credit card?

 

[johnny_yh2000]

whats annoying about buying a ticket with a credit card?

Sometimes I book my flights with points. So I can't get travel insurance with Amex if that's the case. Other CC company allows you to charge your tax and YQ on CC to reach the target in order to activate the insurance.

 

[awkwardpaws]

Churn and sign up to a new CC and chase that sign-up bonus (thats what I do anyway).

NAB is offering a pretty decent sign on for Velocity at the moment (IIRC its ending soon though)

And if you need to pay for ATO - apparently ANZ isnt the card anymore? Worth double checking that particular AFF thread though

 

[Buzzard]

Churn and sign up to a new CC and chase that sign-up bonus (thats what I do anyway).

NAB is offering a pretty decent sign on for Velocity at the moment (IIRC its ending soon though)

And if you need to pay for ATO - apparently ANZ isnt the card anymore? Worth double checking that particular AFF thread though

This is correct.

 

[johnny_yh2000]

Churn and sign up to a new CC and chase that sign-up bonus (thats what I do anyway).

NAB is offering a pretty decent sign on for Velocity at the moment (IIRC its ending soon though)

And if you need to pay for ATO - apparently ANZ isnt the card anymore? Worth double checking that particular AFF thread though

I do have the Nab Velocity Plat. That sign on bonus should be in my account soon.

ATO wise yes, ANZ doesn't earn points on payments to ATO anymore. When I signed on ANZ this was a go factor for me because i have hecs need to pay. Now I already paid out my HECS by using the ANZ card (during that bonus periods) so I was happy I got lots of points from it. So now I don't really have much reason to stick with the ANZ black rather going to a higher earn rate Westpac Black.

 

[crowman28]

Is ANZ the only card that gives out points on BPay? I tried yesterday and it is still good surprisingly. This could be the only reason why I still hold on to this card.

 

[theblank]

Sometimes I book my flights with points. So I can't get travel insurance with Amex if that's the case. Other CC company allows you to charge your tax and YQ on CC to reach the target in order to activate the insurance.

Citibank doesnt, as long as some reward points have been transferred from the card recently.
CBA doesnt require either but you advise the travel details in advance.

 

[marki]

yeah but with Amex's travel insurance is annoying. You have to use CC to buy a return flight ticket in order to activate your travel insurance. Amex still has good earn rate and with the return flights that definitely justifies the annual fees. ANZ wise, I just really dont see it worth the high annual fee. if they offered me even half the usual annual fee I would be happy to pay it and keep the ANZ black.

I do have NAB V Plat too. if I didnt end up getting Westpac Black, I will have to grab this card out from dust and start using it a bit more often. Because Westpac only offers no annual fee for 1st year but no sign on bonus. I would rather get a big sign on bonus and pay the annual fee.

Really ? Not to my knowledge Amex's travel insurance covers you however this may depend on what card you are on. Amex Business Platinum covers even when not purchased. Sorry ahead of time this may have already be answered.

 

[johnny_yh2000]

Is ANZ the only card that gives out points on BPay? I tried yesterday and it is still good surprisingly. This could be the only reason why I still hold on to this card.

I do think so too. But I never used my ANZ for BPay. I'm afraid that will turn out to be advance cash. And I checked my billers, all of them don't accept credit cards except debit cards.

 

[johnny_yh2000]

Citibank doesnt, as long as some reward points have been transferred from the card recently.
CBA doesnt require either but you advise the travel details in advance.

CBA one is actually quite nice. I heard all you have to do is to "activate" before you leave the country.

Not sure about Citi. Sounds good if you use points to book flights. But as till prefer an amount of payment put through the card rather then buying a return ticket with the card.